Sunday, November 3, 2024
How successful have your partnerships been to building your top-line? If you’re like most organizations, it is often a hit-or-miss… but does it have to be?
The key to a successful partnership program is to recognize that there has to be something in it for your partner – not just for you. In the case of sales partnerships – that is, partners who “bring” business to you – the seven questions that you must successfully answer are as follows:
- Why should they send work to you at all, rather than doing the work internally?
- Why you, instead of another potential partner?
- What is the risk to their brand by associating themselves with you?
- What might they get in return?
- How easy is it to work with you?
- Who else are you partnering with?
- Will our investment in you be worth it?
Of course, a partnership program offered by a SAAS vendor will be very different than an informal referral arrangement between an accountant and a lawyer. But the need to answer these questions remains the same.
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This week’s action plan:
Re-look at your sales partners: how much business has each brought in during the last 24 months. If they are not performing to your expectations, is it their fault (eg the questions have not been answered properly), or is it yours (not performing to THEIR expectations)?
This week, choose at least one sales partnership, and reach out. Ask a few questions about their needs, and then begin the process of strengthening the relationship.
Partnership insight: Many partnership programs are set up with tiers: as you “perform” and do more work, then the amount of investment that they make in you (profile, education, direct support, commissions, etc.) similarly increases.
Related post: Reducing your Costs Through Partnerships
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